WHEN Steve Morgan, a Liverpudlian multi-millionaire, bought Wolves from Jack Hayward for a nominal £10 in August 2007, new hope came with a promise of a £30million investment.

Wolves chairman Steve Morgan has seen his club slip from the Premier League to Championship struggle

Promotion to the Premier League was secured in 2009 under Mick McCarthy and at the start of last season, with two wins and a draw, the famous old gold and black colours were hoisted at the top of English football.

Wolves host Watford tomorrow night, third from bottom in the Championship, two points off the foot of the table.

What is going on at Molineux? Chairman Morgan faced fans’ at meeting last night.

That dressing room must be mentally shot to pieces and I think the board should have seen that

Steve Froggatt

Media were not allowed to attend but it is fair to assume the supporters would have asked some damning questions. That anger will be for all to see tomorrow as the Wolves Supporters’ Alliance vent their fury at a proud club which is sliding fast.

Fans will congregate underneath the towering statue to Billy Wright, Wolves’ most famous son, an England captain, the first player in the world to be awarded 100 caps for his country, a beacon of where this club once stood in the game. In the last year, Wolves have had four managers and won only three of 25 matches.

McCarthy’s sacking, a few weeks after Morgan burst into the dressing room following a home loss to Liverpool, came with the club still clinging to top flight status, a point from safety.

Morgan appointed Terry Connor, an untried member of the backroom staff and 13 league matches without a single win later, they went down.

Then Stale Solbakken, another manager with no experience of English football who had just taken Cologne down from the Bundesliga came in.

It did not work and Dean Saunders, who in eight months had taken Doncaster down to League One, arrived.

Wolves manager Dean Saunders is still waiting for his first win since taking over

In eight games in charge he has not won a match at Wolves, but former winger Steve Froggatt, a close friend of Saunders’, says the board must act now if the club is to have a chance.

“That dressing room must be mentally shot to pieces and I think the board should have seen that,” he said.

“They should have seen the team needed reinforcements to get rid of this losing mentality. The lads coming in from outside haven’t been relegated and they would have been looking to impress.

"They were struggling when Dean took over and he knows it’s a results business and he has to start winning games. But I don’t think he’s been given enough help.

“He needed players, but the board have only started to act now. It’s as if the horse has bolted. I think he needs two more signings to keep them up.”

Wolves sold Steven Fletcher, Matt Jarvis and Michael Kightly for £28m in total last summer, but their biggest buy since has been £3m Bakary Sako.

The club has a new stand, nre museum and £8m training ground.

It would not be out of place in the Premier League but will stand out in League One.